BTC/USD Medium-term Trend: Ranging

Resistance Levels: $6,800, $7,000, $7,200
Support levels: $6,600, $6,500, $6,400

Yesterday, June 18, price of Bitcoin was in a bullish trend. Price of the asset touched the lower bands of the Bollinger Bands ; this indicates  a buy signal. Meanwhile, the MACD line and the signal line are neither above nor below the zero line indicating a neutral signal. Also, the 12-day EMA and 26-day EMA are neither above nor below the price of the asset . This  also indicates a neutral signal.

Meanwhile, the relative strength index period 14 is level 61 indicates that price is in the bullish trend zone. The bulls will try to come out of the range-bound zone by revisiting the resistance levels of $7,000 and $7,500. Nevertheless, traders can initiate long trades at the support level of $6,500, if that level is holding. Then a stop loss below the price of $6,000.

BTC/USD Short-term Trend: Bullish

In the 1-hour chart, price of Bitcoin is in a bullish trend. The MACD line and the signal line are  above the zero line which indicates a buy signal . In addition, the price of the asset is above the 12-day EMA and 26-day EMA indicating that the bullish trend is ongoing.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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